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Figure Heloc 
Fundamental
OverviewGold got stuck in a
consolidation below the 4245 level recently as the focus turned to the looming FOMC
decision on Wednesday. The precious metal has been keeping a bullish bias ever
since Fed’s Williams endorsed a December rate cut. The higher rate cut odds
have been a tailwind for precious metals. There’s been nothing in the
meantime to stop this momentum as the recent US data came in on the softer side.
As things stand, it’s all about the Fed’s forward guidance now and the
following NFP and CPI reports. Hawkish stuff should weigh on gold and trigger
another correction, while a dovish leaning should keep supporting the upside. In the bigger picture, gold
should remain in an uptrend as real yields will likely continue to fall amid
the Fed’s dovish reaction function. But in the short term, a further hawkish
repricing in interest rate expectations should weigh on the market. Gold
Technical Analysis – Daily TimeframeOn the daily chart, we can
see that gold continues to consolidate below the 4245 level. We can expect the
sellers to keep stepping in around this level with a defined risk above it targeting
the 4000 level next. The buyers, on the other hand, will want to see the price
breaking higher to extend the rally into new all-time highs.Gold Technical Analysis
– 4 hour TimeframeOn the 4 hour chart, we can
see more clearly the consolidating between the 4245 resistance and the 4150
support. The market participants will likely continue to play the range by
buying at support and selling at resistance until we get a breakout on either
side. Gold Technical Analysis
– 1 hour TimeframeOn the 1 hour chart, there’s
not much else we can add here as the buyers will continue to step in around the
support or wait for a break above the resistance, while the sellers will continue
to pile in around the resistance or wait for a break below the support. The red
lines define the average daily range for today. Upcoming
CatalystsToday we conclude the week with the September US PCE price index and the University
of Michigan Consumer Sentiment report.
This article was written by Giuseppe Dellamotta at investinglive.com.
💡 DMK Insight
Gold’s consolidation below 4245 is a critical moment for traders ahead of the FOMC decision. With the bullish sentiment fueled by Fed’s Williams hinting at a potential December rate cut, traders need to watch how gold reacts around this level. If it breaks above 4245, it could signal a strong upward trend, attracting both retail and institutional buyers. Conversely, a failure to break this resistance might lead to a pullback, especially if the FOMC surprises with a more hawkish stance. Keep an eye on related markets like silver and the dollar index, as their movements could provide additional context for gold’s price action. The next few days are crucial, so monitor the FOMC announcement closely for volatility and potential trading opportunities.
📮 Takeaway
Watch for gold’s reaction at the 4245 level post-FOMC; a breakout could lead to significant upward momentum.
